Most home appliance companies have gone out of discomfort after the policy

At the end of May, the end of the energy-saving and livelihood policy made the household electrical appliance industry driven by industry policies suddenly interrupted, which added many variables to the performance of home appliance listed companies. However, from the results released in the first three quarters of 2013, the vast majority of home appliances Enterprises have come out of discomfort after the policy hotbed.

As of the end of October, the third quarter earnings report released by most home appliance companies in Shanghai and Shenzhen caused the appliance sector to be very eye-catching, and the operating income and net profit of the listed company's three quarterly reports were all over the place.

In the white power enterprises, Gree Electric's operating income for the first three quarters was 87.811 billion yuan, a year-on-year increase of 14.65%, and the first three quarters net profit was 7.579 billion yuan, an increase of 42% year-on-year, of which the third-quarter operating revenue was 34.915 billion yuan, a year-on-year increase of 21.79%. The net profit was 3.563 billion yuan, a year-on-year increase of 44.79%, setting a record for the highest single-quarter earnings in recent years.

The United States and the United States issued the first financial report after the exchange of shares to absorb the United States, from January 2013 to September of the company's operating income of 93.747 billion yuan, an increase of 14.70%; realized net profit of 4.018 billion yuan, an increase of 57.09%. This is a report card after the United States cut off non-household appliances and low-margin products and focused on the field of home appliances. It has significant implications for the outside world.

The 2013 third quarterly report released by Qingdao Haier shows that the company achieved operating revenue of 66.556 billion yuan, a year-on-year increase of 9.8% and a net profit attributable to shareholders of listed companies of 3.458 billion yuan, a year-on-year increase of 25.2%. In the third quarter, the company's operating income was 23.585 billion yuan, an increase of 17.0% year-on-year, and the net profit attributable to shareholders of listed companies was 1.327 billion yuan, an increase of 45.9% year-on-year. Qingdao Haier achieved rapid growth in revenue in the third quarter, and air-conditioning was the main contributor. Its air-conditioning revenue growth rate reached 38.2%. The washing machine and refrigerator business revenue during the same period increased 18.7% and 3.5% year-on-year, respectively, and air-conditioning revenue increased far The growth rate of income far higher than that of its washing machines and refrigerators indicates that Haier has made heavy investments in the air-conditioning business this year.

The overall stability of the white leader's business performance indicates its outstanding ability to adapt to changes in the industrial environment. It also fully demonstrates that home appliance companies can obtain more stable growth through deep self-adjustment. On the other hand, the white power industry has gradually returned to the self-regulating market competition environment under the influence of disengagement policies, and the industry has become more rational.

In contrast, the policy disruption has a heavy impact on the black power industry, which even led to a large area of ​​sales decline after June. Konka's third quarterly report showed that the net profit in the first three quarters was 41.573 million yuan, an increase of 146.54% over the same period of the previous year, but its net profit in the third quarter was only 1.026 million, down 81% year-on-year. In the first three quarters of this year, Hisense achieved total revenue of 20.65 billion yuan, a year-on-year increase of 23.6%, and a net profit of 1.127 billion, an increase of 24.24% year-on-year. However, the net profit of shareholders of listed companies in the third quarter was 316 million, down by 4.7% year-on-year. TCL Multimedia's third quarterly report shows that in the first three quarters, its revenue grew by 13.3% to HK$27.89 billion, and its net profit was HK$112 million, a year-on-year decline of 82.5%. The decline in net profit was mainly due to the loss from profit in the third quarter, with a loss of HK$142 million.

However, the adjustment ability of large enterprises is still outstanding. The above-mentioned companies still maintain active product promotion capabilities in the fiercely competitive TV market, especially in smart TVs, 4K ultra-high-definition, large-size and other areas that can be quickly followed up and Leading position, thereby weakening the adverse effects of policy.

Kitchen and toilet listed companies are still stable and eye-catching. Taking the boss and Wanhe as examples, the boss’s quarterly report shows that in the first three quarters, the company’s operating income was 1.823 billion yuan, a year-on-year increase of 37.85%; the net profit attributable to shareholders of listed companies was 235 million yuan, a year-on-year increase of 45.02. %; net cash flow from operating activities was 287 million yuan, an increase of 9.74% year-on-year. Wanhe achieved operating income of RMB 2.743 billion from January to September, an increase of 24% year-on-year, and a net profit of RMB 205 million, an increase of 16.09%; of which, operating income in the third quarter was RMB 906 million, a year-on-year increase of 19.48%, and a net profit of RMB 57.71 million. , an increase of 17.06 percentage points. This still confirms the healthy and benign development of the kitchen and toilet industry.

In the crucial period when the domestic economy is in a structural adjustment, the Chinese household appliance industry as a whole showed a good re-growth trend. The overall quality of listed companies has improved. This shows that in 2013, companies began to replace the past scale-oriented competition methods by focusing on operational efficiency and quality-based competition.